Cinkciarz.pl,
one of Poland’s largest currency exchange platforms, continues its major legal offensive against several banks. It alleges systematic blocking of funds exceeding 1.3 billion zlotys ($300 million) over a decade. The update comes just a few weeks after the fintech informed that it wants to sue 11 domestic banks for 7.5 billion zlotys ($1.9
billion).
Polish Fintech Cinkcciarz.pl
Accuses Banks of $300 Million Fund Blockade
Cinkciarz.pl
company has filed complaints with Poland’s Financial Supervision Authority
(KNF) and the competition watchdog UOKiK, seeking immediate administrative
proceedings and potential license revocations for the implicated banks. The
company is also pursuing criminal investigations against current and former
bank executives.
The alleged
blockade involved more than 2,700 inter-bank transfers since 2010, averaging
2-3 delayed transactions weekly. In a recent incident, a routine foreign
currency transfer between the company’s accounts took five days to complete,
despite being marked for same-day processing.
This
follows a decision made by the KNF a month ago, when
the regulator revoked the payment license of Conotoxia sp. z o.o., the subsidiary
handling payments for the fintech’s clients. Without this license, the
company’s normal operations are rather impossible.
“Moreover,
banks charged fees for ‘same day’ transfers that were not completed on time,
thus deliberately hindering the company’s liquidity and generating additional
costs,” the company commented
today (Monday).
The company
claims banks have consistently denied access to working capital and investment
financing, actions it describes as deliberate attempts to undermine market
competition. These practices have reportedly disrupted Cinkciarz.pl’s currency
exchange operations and transaction execution capabilities.
The matter
is being escalated to European Union authorities, with Cinkciarz.pl preparing
to submit comprehensive documentation including big data analysis of the
alleged banking practices. The company seeks full accountability for what it
describes as unfair competitive practices and deliberate business obstruction.
Cinkciarz.pl to Seek $1.9
Billion from Polish Banks
Cinkciarz.pl’s
latest legal action is part of its broader effort to challenge what it claims
is a coordinated attempt by Polish banks to limit competition in the foreign
exchange market. The
company has already filed lawsuits against multiple large financial
institutions, with total damages now surpassing 7.5 billion zlotys ($1.9 billion).
Most of the
information about the planned lawsuits was presented in the first half of
October, with the latest update emerging last
week concerning Credit Agricole, from which Cinkciarz.pl intends to seek 1
billion zlotys ($250 million).
Additionally,
the company accused the KNF of “violating
the law” and argued that the regulator’s actions “harmed
users.” Conotoxia claims that the “current banking lobby” is
prioritizing its own interests over those of users and fintech competitors. In
response to the license revocation, Cinkciarz.pl is reportedly engaged in advanced
talks with international investment funds to secure operational stability.
It’s
important to note that Conotoxia
sp. z o.o., the payments company, and Conotoxia Ltd, a CySEC-regulated
FX/CFD company, are separate entities.
Cinkciarz.pl,
one of Poland’s largest currency exchange platforms, continues its major legal offensive against several banks. It alleges systematic blocking of funds exceeding 1.3 billion zlotys ($300 million) over a decade. The update comes just a few weeks after the fintech informed that it wants to sue 11 domestic banks for 7.5 billion zlotys ($1.9
billion).
Polish Fintech Cinkcciarz.pl
Accuses Banks of $300 Million Fund Blockade
Cinkciarz.pl
company has filed complaints with Poland’s Financial Supervision Authority
(KNF) and the competition watchdog UOKiK, seeking immediate administrative
proceedings and potential license revocations for the implicated banks. The
company is also pursuing criminal investigations against current and former
bank executives.
The alleged
blockade involved more than 2,700 inter-bank transfers since 2010, averaging
2-3 delayed transactions weekly. In a recent incident, a routine foreign
currency transfer between the company’s accounts took five days to complete,
despite being marked for same-day processing.
This
follows a decision made by the KNF a month ago, when
the regulator revoked the payment license of Conotoxia sp. z o.o., the subsidiary
handling payments for the fintech’s clients. Without this license, the
company’s normal operations are rather impossible.
“Moreover,
banks charged fees for ‘same day’ transfers that were not completed on time,
thus deliberately hindering the company’s liquidity and generating additional
costs,” the company commented
today (Monday).
The company
claims banks have consistently denied access to working capital and investment
financing, actions it describes as deliberate attempts to undermine market
competition. These practices have reportedly disrupted Cinkciarz.pl’s currency
exchange operations and transaction execution capabilities.
The matter
is being escalated to European Union authorities, with Cinkciarz.pl preparing
to submit comprehensive documentation including big data analysis of the
alleged banking practices. The company seeks full accountability for what it
describes as unfair competitive practices and deliberate business obstruction.
Cinkciarz.pl to Seek $1.9
Billion from Polish Banks
Cinkciarz.pl’s
latest legal action is part of its broader effort to challenge what it claims
is a coordinated attempt by Polish banks to limit competition in the foreign
exchange market. The
company has already filed lawsuits against multiple large financial
institutions, with total damages now surpassing 7.5 billion zlotys ($1.9 billion).
Most of the
information about the planned lawsuits was presented in the first half of
October, with the latest update emerging last
week concerning Credit Agricole, from which Cinkciarz.pl intends to seek 1
billion zlotys ($250 million).
Additionally,
the company accused the KNF of “violating
the law” and argued that the regulator’s actions “harmed
users.” Conotoxia claims that the “current banking lobby” is
prioritizing its own interests over those of users and fintech competitors. In
response to the license revocation, Cinkciarz.pl is reportedly engaged in advanced
talks with international investment funds to secure operational stability.
It’s
important to note that Conotoxia
sp. z o.o., the payments company, and Conotoxia Ltd, a CySEC-regulated
FX/CFD company, are separate entities.
This post is originally published on FINANCEMAGNATES.
